LONDON, ONTARIO--(Marketwire - Aug. 13, 2012) - Canadian farmers could soon have access to a groundbreaking technology to help them deliver custom-made crops for bakers and food processors. Parliamentary Secretary, Pierre Lemieux (Glengarry-Prescott-Russell), on behalf of Agriculture Minister, Gerry Ritz, announced today, that Neo Ventures Biotechnology Inc., will receive $106,222 to further develop this technology.
"Our Government is committed to helping industry develop innovative solutions that can help our farmers deliver superior product and capture a premium price," said Parliamentary Secretary Lemieux. "This project is a perfect example of the kind of ingenuity and innovative spirit that helps Canada's agricultural sector increase its competitiveness, create jobs, and drive our economy."
This investment, under the Agricultural Innovation Program (AIP), will help Neo Ventures Biotechnology Inc. bring to market their innovative TouCH Platform technology, which producers can use to manage the quality of their crops and capture consumer value. This new tool will allow growers to improve the quality and consistency of protein, oil, and other traits in grain with a topical application to the crop at flowering time. The technology will improve the consistency of the grain by minimizing the environmental influences on the production of the proteins responsible for good baking quality.
"NeoVentures Biotechnology Inc. is very pleased that AAFC is supporting our potentially transformative platform for an alternative, non-genetic engineering approach to crop improvement," said Gregory Penner, President & CEO NeoVentures Biotechnology Inc. "Lead application of this innovative, made in Canada, technology will be on wheat improvement for the potential benefit of the Canadian wheat value chain."
By offering processors wheat with the right protein consistency, Canadian wheat growers could net a premium of over $22 million annually from domestic market alone. As an alternative to genetic crop modification, this technology could open new premium markets for Canadian wheat around the world.
This project is funded under the Agricultural Innovation Program - a $50 million initiative announced as part of Canada's Economic Action Plan and part of the Harper Government's commitment to help Canadian producers benefit from cutting-edge science and technology. The Program boosts the development and commercialization of innovative new products, technologies, and processes for the agricultural sector. For more information about this and other Agriculture and Agri-Food Canada programs, please visit www.agr.gc.ca.